Accounting MCQs

Question 1

A Trial Balance contains the balances of

Accepted Answer

Both 'b' and 'c'

Answer

Only Real A/c

Answer

Real A/c and Nominal A/c

Answer

Personal A/c

Question 2

Error which affect only one account can be

Accepted Answer

Error of posting

Answer

Error of complete omission

Answer

Compensatory errors

Answer

None of the above

Question 3

In case goods are manufactured and segregated for specified consumers, the best method for valuation of inventory would be

Accepted Answer

Specific identification method

Answer

FIFO

Answer

Simple average

Answer

Base stock

Question 4

Overriding commission is generally calculated on

Accepted Answer

Total sales exceeding invoice value/cost

Answer

Cash sale only

Answer

Credit sales

Answer

None of the above

Question 5

Economic life of an enterprise Is split into periodic interval as per ____ concept

Accepted Answer

Periodicity

Answer

Materiality

Answer

Accrual

Answer

Conservation

Question 6

Present liability of uncertain amount, which can be measured reliably by using a substantial degree of estimation is termed as

Accepted Answer

Provision

Answer

Contingent liability

Answer

Liability

Answer

Reserve

Question 7

When the goods are returned to a supplier

Accepted Answer

A Debit note is sent to him

Answer

An Account sale is sent to him

Answer

A receipt is sent to him

Answer

Either 'b' or 'c'

Question 8

Bills receivable endorsed are debited to

Accepted Answer

Endorsee A/c

Answer

Bills Payable A/c

Answer

Debtor's A/c

Answer

Bills Receivable A/c

Question 9

Del-credere Commission is allowed to cover

Accepted Answer

None of the above

Answer

All types losses

Answer

Abnormal loss

Answer

Normal loss